Bitcoin extended gains and regained the $72,000 level despite signals of rising U.S. inflation and slowing growth. The move was seen as reflecting investors shifting toward scarce assets amid growing recession risk and a weaker dollar. Markets also weighed expectations of liquidity support and doubts over the Federal Reserve’s ability to prevent a downturn without stoking inflation. Rising oil prices and fragility in a U.S.-Iran ceasefire were cited as risks that could undermine risk appetite.

Strategy Chairman Michael Saylor said bitcoin will surpass gold’s market capitalisation by 2035. He said bitcoin’s fixed supply and issuance mechanism underpin long-term value, with about 99 percent of all bitcoin expected to be mined by 2035 and the remaining 1 percent released gradually over the next century. Bitcoin’s market value is about $1.31 trillion versus gold’s $36 trillion, implying a 2,649 percent price rise to match it.